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Stocks edge higher after Fed trims bond purchases

Published on NewsOK
Modified: June 18, 2014 at 3:07 pm •
Published: June 18, 2014

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Stocks are closing higher after the Federal Reserve said the U.S. economy was doing well enough for the central bank to make further reductions to its stimulus program.

Federal Reserve Chair Janet Yellen's news conference appears on a television monitor on the floor of the New York Stock Exchange, Wednesday, June 18, 2014. The Federal Reserve says it will further slow the pace of its bond purchases because a strengthening U.S. job market needs less support. But it's offering no clear signal about when it will start raising its benchmark short-term rate. (AP Photo/Richard Drew)

It was the fourth straight gain for stocks and another record-high close for the Standard & Poor's 500 index.

The S&P 500 rose 15 points, or 0.8 percent, to close at 1,957 Wednesday.